UAE ranked first regionally and fourth worldwide in entrepreneurship

The UAE's economy is forecast to grow 2.5 per cent this year, according to the country's central bank. Sarah Dea / The National

The UAE ranks first in the region and fourth globally in the latest Global Entrepreneurship Index, outperforming major global economies such as the US, the UK, Australia, some EU countries, China, Japan and South Korea.

The country was previously placed fifth in the GEI rankings for 2019. The UAE also came second under national governments' response to Covid-19 lockdowns as well as on the impact on the entrepreneurial sector.

The Arab state scored 7.3 out of 10 on the general physical infrastructure and services indicator access, outpacing the UK, the US, Spain, Austria and Germany on the list. It also gained a similar score on cultural, social norms and society support.

"The UAE has a world-leading experience in supporting and organising the entrepreneurship sector, in building an integrated system to support and incubate entrepreneurial projects, accelerate their growth, and developing initiatives and programs that make it a growth engine and a major contributor to our non-oil GDP," economy minister Abdulla bin Touq Al Marri said in a statement.

The ministry will continue focusing on integrating new business models into the activities of entrepreneurs to make them "globally competitive", he added.

The GEI also ranked the UAE high in the research and development level of transference, alongside Norway and Italy and ahead of Germany, the US, the UK, Sweden and South Korea.

The UAE's sustained high rankings on the index were reflective of the "unparalleled efforts" made by the country to ensure support for the local entrepreneurial system, Ahmad Belhoul Al Falasi, minister of state for entrepreneurship and SMEs, said.